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By clicking on "Open Demo" you express your desire to be called back by our representatives both from the Swiss headquarters and our worldwide subsidiaries, branches and/or representative offices. You hereby agree that your demo account information will be shared with such representatives allowed to take contact with you. You hereby waive the benefit of Swiss banking secrecy in this respect towards the above mentioned persons and entities. Confidentiality of your personal data will be ensured throughout the group, regardless of the location of specific group units.

Margin Requirements

Transactions conducted in the SWFX marketplace may be done on a margin trading basis, enabling a client to execute trades larger than the deposit, amplifying price movement effect. The multi-instrument exposure of the account is limited by the total trading line which is calculated by multiplying the Equity of the account by the leverage agreed with Dukascopy Bank SA. By default the initial leverage for regular trading hours is set to 1:100, which allows to increase exposure up to a 100 times the amount of the equity, but can be set up to 1:200 by request (restrictions may apply).

The initial leverage of the account can be adjusted to different levels (e.g. 1:50 or 1:20) which are predefined by Dukascopy Bank SA and the client. The margin necessary to increase the exposure is computed at trade initiation, and the amount of Free and Used Margin is updated in real time on the trading platform.

Minimum margin requirements

In order to protect clients from incurring liability above their equity and protect Dukascopy Bank SA from associated risks, the following minimum margin policy applies: The minimum equity requirement for the self-trading account is 20 CHF. For accounts with different base currency the minimum amount of equity is calculated at the exchange rate of the latest settlement. All open positions may be closed and the account may be blocked should the equity on the account reach the minimum margin requirement.

The minimum margin required to open a position depends on the desired leverage, instrument and current market prices.

Special Margin Requirements

Due to specific trading conditions following instruments have higher margin requirements (lower leverage):

Instrument

Description

Margin requirements

Leverage

CAD/HKD

Canadian Dollar vs Hong Kong Dollar

10%

1:10

EUR/CZK

Euro vs Czech Koruna

10%

1:10

EUR/DKK

Euro vs Danish Krone

10%

1:10

EUR/HKD

Euro vs Hong Kong Dollar

10%

1:10

EUR/HUF

Euro vs Hungarian Forint

10%

1:10

EUR/RUB

Euro vs Russian Rouble

10%

1:10

EUR/TRY

EUR vs Turkish Lira

10%

1:10

HKD/JPY

Hong Kong Dollar vs Japanese Yen

10%

1:10

TRY/JPY

Turkish Lira vs Japanese Yen

10%

1:10

USD/CNH

US Dollar vs Chinese Yuan

10%

1:10

USD/CZK

US Dollar vs Czech Koruna

10%

1:10

USD/DKK

US Dollar vs Danish Krone

10%

1:10

USD/HKD

US Dollar vs Hong Kong Dollar

10%

1:10

USD/HUF

US Dollar vs Hungarian Forint

10%

1:10

USD/ILS

US Dollar vs Israeli Shekel

10%

1:10

USD/RON

US Dollar vs Romanian Leu

10%

1:10

USD/RUB

US Dollar vs Russian Ruble

10%

1:10

USD/THB

US Dollar vs Thailand Baht

10%

1:10

USD/TRY

US Dollar vs Turkish Lira

10%

1:10

ZAR/JPY

South African Rand vs Japanese Yen

10%

1:10

BTC/USD

Bitcoin vs US Dollar

33%

1:3

ETH/USD

Ether vs US Dollar

33%

1:3

USD/MXN

US Dollar vs Mexican Peso

10%

1:10

BRENT.CMD/USD

US Brent Oil

1%

1:100

LIGHT.CMD/USD

US Crude Oil

1%

1:100

DIESEL.CMD/USD

Low Sulphur Gasoil

1%

1:100

COPPER.CMD/USD

High Grade Copper

1%

1:100

GAS.CMD/USD

Natural Gas

1%

1:100

AUS.IDX/AUD

Australia 200 Index

1%

1:100

CHE.IDX/CHF

Switzerland 20 Index

1%

1:100

DEU.IDX/EUR

Germany 30 Index

1%

1:100

ESP.IDX/EUR

Spain 35 Index

10%

1:10

EUS.IDX/EUR

EU Stocks 50 Index

1%

1:100

FRA.IDX/EUR

France 40 Index

1%

1:100

GBR.IDX/GBP

UK 100 Index

1%

1:100

HKG.IDX/HKD

Hong Kong Index

1%

1:100

JPN.IDX/JPY

Japan 200+ Index

1%

1:100

USA30.IDX/USD

US 30 Index

1%

1:100

USA500.IDX/USD

US 500 Index

1%

1:100

USATECH.IDX/USD

US 100 Tech Index

1%

1:100

CHI.IDX/USD

China A50 Index

1%

1:100

DOLLAR.IDX/USD

US Dollar Index

1%

1:100

NLD.IDX/EUR

Netherlands 25 Index

1%

1:100

SGD.IDX/SGD

Singapore Blue Chip Index

1%

1:100

IND.IDX/USD

India 50 Index

1%

1:100

BUND.TR/EUR

German government bond

3%

1:30

UKGILT.TR/GBP

UK government bond

3%

1:30

Maximum available leverage for weekends and other off-market days equals to the lowest value of the over-the-weekend leverage (1:30 for the accounts with top leverage 1:100 and 1:60 for the accounts with top leverage 1:200) or to special margin requirements of the instrument or trading account.

Special margin requirements (leverages) remain in place disregards of clients requests for maximum leverage increase.

The minimum margin requirements will differ if the initial leverage is changed.

See section "Over-the-weekend leverage" for additional information about weekend leverage.

If equity for the self trade account is less than CHF 100 or equivalent in foreign currency, the account may be blocked by Dukascopy Bank.

Use of leverage

The Use of Leverage is an indicator showing how much of the collateral is currently used by the exposure on the trading account. It is displayed in percentage in real-time and calculated as follows:

Margin call and margin cut policy

Margin call (Use of leverage > 100%) means a situation where the margin requirements do not allow the client to increase exposure on his account. The client may only execute trades to reduce exposure, by closing or hedging the existing net positions. Despite the margin call level being reached, the positions will not be closed automatically. The automated system will cancel all placed bid/offer orders that can increase the exposure.

Margin cut or cut-off level (Use of leverage ≥ 200%). If the Use of Leverage reaches or exceeds 200%, Dukascopy Bank has the right (but not the obligation) to fully or partially reduce the client's exposure by closing existing positions and/or by opening new positions in the opposite direction. Usually the system automatically reduces exposure so that the Use of Leverage is brought to approximately 100%. However, traders can select to fully close all open positions in case of a margin cut.

Use of leverage

Description

0%

No exposure

< 100%

Normal status

≥ 100%

Margin call: trader is not able to increase exposure on the account if the Use of leverage is more than 100%

≥ 200%

Margin cut: typically system will open hedging positions in the opposite direction for all positions which contribute to exposure on the account. The Use of leverage will be decreased to 100% or less.

Over-the-weekend leverage

Maximum available leverage for the weekends and other market closure days is set to 1:30 (1:60 for accounts with maximum leverage 1:200). The purpose of this policy is to mitigate risks caused by potential price gaps during market closure, which may seriously threaten invested funds.

Standard algorithm: Over-the-weekend trading conditions are effective starting 3-4 hours before each market closure (weekend, holidays, etc) until re-opening of the market. For usual Friday night closure, over-the-weekend conditions would become effective at 18:00 GMT, which may cause the Use Of Leverage to increase if there is an net exposure. Regardless of the over-the-weekend margin conditions, the general execution mechanisms of the margin call and margin cut remain the same. That is, if the amount of equity on the account is not sufficient to support existing positions with a leverage of 1:30, the margin cut procedure will be applied to the account (see paragraph Margin Call and Margin Cut).

Maximum instrument exposure

Maximum net exposure of each currency pair is limited to a position of 15 million of primary currency with an exception for USD/HUF, EUR/HUF, USD/CZK, EUR/CZK, USD/RON, USD/ILS, USD/THB which max exposure is limited by 1 million of primary currency. For precious metals, crypto and CFDs maximum net exposure is specified in the table below:

Clients may request to wave/increase the maximum exposure limit.
In this case the account leverage will be reduced to 1:20 (1:10 over-the-weekend).
The exposure limits come into effect as of 09 Sep 2016.

Stock CFD Maximum Instrument Exposure

Maximum exposure per single stock CFD is 100,000 USD or equivalent in other currencies. Clients may request to increase maximum exposure to 250'000 USD, in this case leverage will be reduced to 1:2 from default setting of 1:10. Clients may request to increase leverage to 1:20. In this case maximum exposure per CFD will be 50'000 USD. Over-the-weekend leverage reduction rules do not apply to single stock CFDs.

Market

Maximum exposurefor a share CFD

Austria

100'000 EUR

Belgium

100'000 EUR

Denmark

750'000 DKK

Finland

100'000 EUR

France

100'000 EUR

Germany

100'000 EUR

Netherlands

100'000 EUR

Norway

900'000 NOK

Portugal

100'000 EUR

Spain

100'000 EUR

Sweden

950'000 SEK

Switzerland

100'000 CHF

UK

90'000 GBP

US

100'000 USD

Risk disclosure

Trading on margin carries a high level of risk, and may not be suitable for all investors. It is highly recommended to maintain the Use of Leverage at normal levels. The client must always keep in mind that leverage increases potential loss, as well as potential profit, and invested funds can quickly suffer losses in situations where the market prices exhibit strong volatility, potentially creating an adverse environment for the highly leveraged participant. The client shall be solely responsible for maintaining sufficient margin in relation to the existing positions.

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